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Bank Feeds

C21TeamBrocky
2 Posts
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Australia
C21TeamBrocky
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Bank Feeds

Hello

We upgraded to AccountRight OnLine early this week.  My bank feeds were sent going back to 01/07/2018.

I allocated some of the payments but felt that something was extremely wrong.  My gut was right, the allocations have now ruined by bank reconciliations which I process monthly and update daily.  So my processing of the bank feeds should not have occured.

 

I have tried to remove some of the allocated transactions in hope that my bank account will be correct again but alas it is not.

What can I do to fix this? and with bank feeds if I already have processed the payment or receipt do I ignore it?  Would this not then have the bank feeds reconciliation incorrect?

 

I am so lost with bank feeds, if someone could please help would be greatly appreciated.

2 REPLIES 2
Ultimate Partner GDay53
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Australia
GDay53
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Re: Bank Feeds

@C21TeamBrocky

 

Welcome to the MYOB Community Forum, I hope you find plenty of useful information.

 

Basically with Bank Feeds you have to get used to doing things differently that you are used to.

Once you have Bank Feeds activated you use Bank Feeds for everything including the Reconciliation.

 

You choose a start date and make sure that all your accounts that are coming through the Bank Feeds are reconciled up to that date. Any transaction in the Bank Feeds before that date you must Hide the transaction so you don't process it. To Hide transaction in Bank Feeds right click on the transaction then click on Hide transaction.

 

Now you must decide which transactions you want the Bank Feed rules to automatically record.

For example the monthly bank fee. When it shows up in the Bank Feed you click on the New button then on Transaction Rule. Now create a rule called Monthly bank fee and in the body choose the wording from the bank feed as an exact match. you don't need allof the wording just something that will not change - for example it might say monthly service fee. You could use the lot or just service fee. Allocate it to the correct Expense account.

Once the Transaction Rule is created every time a transaction appears in the bank feed with the exact wording the software will create a Spend money transaction allocated to the corect expense account. You never need to enter them again.

You also need to Create Invoice and Bill rules which will look for open Invoices or Bills from particular Customers or Suppliers.

Any transfers of money between accounts you will need to click on New then Tranfer Money and enter the account every time.

You can also Receive Payment and Pay Bills through the Bank Feed via the New button.

Once you have it all set up it makes live very easy.

I have regular monthly Bills that I have to pay so I have created Recurring transactions for them so they get entered automatically. I have also created automatic payments with the bank so they are paid automatically. Now because I also have Bill Rules for them, when the payment appears in the Bank Feed the program shows a possible Bill match link which I click on the click on record.

Once processed throgh Bank Feeds all transaction are reconciled.

So literally two clicks is the total effort in entering paying, recording the payment and reconciling these bills and to reconcile the account all I have to do is look for items not reconciled.

 

If my response to your query and has helped, please mark my post as a solution to help others in the future.
Graeme Day
Registered BAS Agent #24745540
First Class Accounts Clayfield
Mobile: 0402 841 627
gday@firstclassaccounts.com
MYOB Certified Consultant
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Ultimate Partner BooksInTheCloud
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BooksInTheCloud
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Re: Bank Feeds

Hi @C21TeamBrocky

 

Following on from Graeme's very  helpful post I would also suggest to have a good read of this support note as well.  http://help.myob.com/wiki/display/ar/About+bank+feeds

 

Otherwise if you are still stuck I would highly recommend you engaging a  MYOB Partner like Graeme or myself to help  you get up and running https://www.myob.com/au/accountants-and-partners/partner-search/

 

Bank Feeds saves a lot of time and worth it in the long run. 


If I am responding to your query and I have helped you please kindly mark my post as a solution to assist others in the future.
Warm Regards
Renae

@renae2peas
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